Asia tech powers urban strength
Tech hubs dominate the latest JLL City Momentum Index, a measure of a location’s competitive and dynamic drivers, as well as of change indicators for their future. London grabs top spot ahead of Silicon Valley’s San Jose, while Boston places seventh and San Francisco ninth (not that we’ve detected any Anglo-Saxon bias here). In addition, newcomers to the CMI Top 20 include Sydney, Bangalore, Dublin, Nairobi and Melbourne, each helped by their respective technology sectors.
For the first time, cities in India and Sub-Saharan Africa landed in the index – Bangalore due to strong demand for office space from tech companies, and Nairobi because of multinational expansion. Nairobi’s iHub looks to grow further given that it’s just pocketed some funding from the Joint Hub Fund Programme to support sustainable entrepreneurship.
JLL says variables likely to determine future economic strength and real estate momentum (really important for speculators) include incubator indicators such as university presence and educational infrastructure, innovation capability, international patent applications and presence of technology and venture capital firms.
By the way, half of the top 20 countries are in Asia, while just two are in Europe (Dublin occupies 14th place).